Ajooni Biotech Ltd, a company specialising in pure vegetarian animal healthcare solutions, has announced a strategic move to raise ₹45 crore. The funds will be generated through the issuance of 5 crore convertible warrants, priced at ₹9 each. This step is aimed at reinforcing the company’s financial structure and supporting its growth initiatives in the coming years.
In a significant step to enhance its financial flexibility, Ajooni Biotech’s Board of Directors has approved an increase in the company’s authorised share capital from ₹40 crore to ₹50 crore. This increase will allow for the issuance of up to 5 crore convertible warrants, aimed at raising ₹45 crore in total. The new shares issued will rank pari passu with the existing equity shares, as per the statement.
These convertible warrants will be offered to both promoters and non-promoters, including entities such as Jasjot Singh, Healthy Biosciences Ltd, Al Maha Investment Fund PCC, Minerva Ventures Fund, and others. Each warrant is convertible into one equity share, with the same issue price of ₹9 each.
The issuance of convertible warrants and the increase in share capital will fortify Ajooni Biotech’s capital base and financial flexibility, ensuring that the company is well-positioned for future growth opportunities. In his statement, Jasjot Singh, the Managing Director and CFO of Ajooni Biotech, expressed satisfaction with these strategic initiatives, noting that they reflect the company’s commitment to enhancing shareholder value and securing the necessary capital for long-term success.
As of January 07, 2025, 2:22 PM, the shares of Ajooni Biotech were trading at ₹8.03 per share with a surge of 4.97% from its previous day’s closing price.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 7, 2025, 2:35 PM IST
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